The sun. [volume] (New York [N.Y.]) 1833-1916, 1887-09-18
CLEVELAND AND THE BONDS.
OPINIONS OF LEADING BUsIHEss lrEy
ON THE FINANCIAL sITUAIJOM

OPINIONS OF LEADING BUsINEss lrEy
ON THE FINANCIAL sITUAT10M
All Agree that the Government sssuid Fay
Ont the surplus-rairchiid roiicy Called
tures as n Monster that 10 Devourinr the
Currency Of the Country ut the Rate Of
Half Million . Day--The Reneay the
Purchase OF More Bends-An Classes Of
Bends shouid be Iaeiuded In the Caiis-He
End Of Opinions and Suggestions.
The bankers and merchants OF New York
have been puzzled as to Just what interpreta-
ton should be given to President Cleveland's
defence Of Secretary Fairchild's refusal to
accept any Of tho offers OF bonds made on
Bent. 7. 1t will be remarked that the President
declares that tho Government ought not to
be expected. regardless OF any public purpose.
TO identify itself with private business or spec-
ulation" This statement has been criticised
quito as freely as the conduct Of Secretary
Fairohild. The merchants and bank officers
with whom reporter Of THE Sun has talked
declare that certainly no public purpose is
benefited by the continuous and vast acoumu-
lations OF money in the United States Treas
ury. The millions already there, and
the millions going into the Treas
ury's vaults every week and month, bear
no interest. They have been practically lost
no far as any public purpose" is concerned.
Furthermore. 1t has been accepted from the
foundation OF the Government that the busi-
ness OF the country and the surplus In the
United States Treasury have been dependent
upon each other and too closely identified to
bear long tampering with. As for the Govern
ment Identifying itself with speculation" the
bank officers and merchants declare that Mr..
due Importance. ,,,,a to .. the &c olsmor Of some
substantial Wall street men declare that they
s
rh hs aov that vhiia Wall strest man haaa M
mno for
have suffered from Ss a ssrinsenoy not eaualled
msas tested BY tns
an Of their Il is Honsd
other moneyed institutions have preferred to
lend their small reserves on call. With sound
discount the paper Of merchants and mer-
chants customers and wait months for the
ns Ss'n no. sesn sn
6aSe
the s,aa. 81 .hs
market and It's present influence on the bust
ness interests Of the country. the following
men were asked;
- there lack q money Tor legitimate busi-
supplied to relieve the present pressure%
n NJ M.Sn onn Clanin. hsaa q the old house q y.
with me- for half an hour Won Wonid ace whesh.
all quarters t TSe western specaiat H have
s aa bosn
large. has taken more. The trouble ia due to
the policy q the Z
the monev.they are compelled to make the iarg-
est payments to the United States Treasury Tor
duties n,n that
no harm would DO done. But the Treasury
I iSsks uD re money ssth s from the @sT
afferwarIi II than IA the lava stand nov n
Woudnt come back in nc our 1aT time a and those
laws must be Changed It lie the peoples
money that has accumulated In the United
more they need the money. and yet the money
e9 hnrn tS TO aSenmniate aad Is iTeked up
sSn. Of Tie money win be returning from tSs
haVs nermanenf reief gym IN tba as Me tima
SectstRrv Faircb fee ouaht tns mean Haf the
,,n Uney o ~ .uS h n se =, ,. LIE
wtSons r al haf VOLTA me nsa h
~ Si% :, e dsyess T Tie sssSmals,ies every
essnrv that be shnmi1 cnnaNa himsaif - n the
3Xs baisya tSat II he wara 10 asE inr ofysrs
Of all other outstanding bonds there would be
he oosd distribpts the mopsy among the peos
81 the opinion that the Government Id debt viii
now W 10 ~ . ." 'a., "
THE SURPLUS MUST BE GOT OUT
Mr.. Cornelius N. Bliss of Bliss, Fabyan 4 Co.,
dry goods merchants, said: Money is I'M
doubleday Close and the New York banks have
not been able to give the public full accommo-
dation. but have managed thus far to help out
their customers, though at higher rates than
for year past. There Is little market for
single name paper. The remedyp Well, the
surplus must be got out Of the Treasury and
diverted into business channels. That Is all
there Is about 1t. I advocate the purchase Of
Government bonds by Secretary Fairchild and
In more liberal quantities than he Is now TAX
ing don't believe IN any reanc.ifon OF ne
Increase the revenue rather than reduce Il, Tor
enormous increase in ali importations. ~
WHAT JAY GOULD THINKS:
INV rapi 'eca rcitv nf rpnpav ThaRa Ia fear M